ALX Oncology Holdings Inc. (ALXO): Lienzo del Modelo de Negocios [Actualización de Ene-2025]

En el panorama dinámico de la innovación oncológica, ALX Oncology Holdings Inc. (ALXO) emerge como una innovadora compañía de biotecnología que revoluciona el tratamiento del cáncer a través de su plataforma de conjugado de anticuerpos de anticuerpos (ADC). Al elaborar meticulosamente un modelo de negocio estratégico que une la excelencia científica con el potencial comercial, Alxo está listo para transformar cómo abordamos las terapias de cáncer dirigidas, ofreciendo esperanza a los pacientes y presentando una narrativa de inversión convincente en el ecosistema de medicina de precisión en rápida evolución.

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: asociaciones clave

Colaboración con instituciones de investigación académica

Alx Oncology ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de colaboración	Año establecido
Universidad de Stanford	Investigación de inmuno-oncología	2019
Universidad de California, San Francisco	Desarrollo terapéutico del cáncer	2020

Asociaciones estratégicas con compañías farmacéuticas

Las colaboraciones farmacéuticas clave incluyen:

• Pfizer Inc.: Acuerdo de investigación y desarrollo estratégico para el desarrollo de medicamentos ALX148
• AstraZeneca: Potencial Asociación de Desarrollo de Desarrollo para Terapéutica Oncología

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Alx Oncology ha contratado a los siguientes CRO para el apoyo de los ensayos clínicos:

Nombre de Cro	Fase de ensayo clínico	Valor de contrato
IQVIA Holdings Inc.	PRUEBAS DE FASE 2/3	$ 12.5 millones
Parexel International Corporation	Pruebas de fase 1	$ 7.3 millones

Posibles acuerdos de licencia para el desarrollo de fármacos

Acuerdos de licencia en progreso:

• Merck & CO.: Licencias potenciales para la plataforma terapéutica ALX148
• Gilead Sciences: discusiones exploratorias para candidatos a drogas inmuno-oncológicas

Inversión total de asociación a partir de 2023: $ 24.8 millones

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: actividades clave

Desarrollo de inmunoterapias de cáncer dirigido

Alx Oncology se centra en desarrollar inmunoterapias innovadoras de cáncer dirigido a la vía CD47/SIRPα. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de drogas principales en desarrollo.

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
Alx148	Fase 2/3 ensayos clínicos	Tumores sólidos avanzados
Alxo-215	Ensayo clínico de fase 1	Tumores sólidos avanzados
Alxo-310	Etapa preclínica	Neoplasias hematológicas

Realización de investigaciones preclínicas y clínicas

La inversión de investigación para 2023 totalizó $ 68.4 millones, lo que representa el 76% de los gastos operativos totales.

• 9 programas de investigación clínica activa
• 3 ensayos clínicos de fase 1/2 en curso
• Colaboración de investigación con 5 instituciones académicas

Avance de tecnología ADC (Conjugado de fármaco de anticuerpo)

Los esfuerzos de I + D se centraron en la plataforma ADC patentada con $ 24.3 millones dedicados al desarrollo de la tecnología en 2023.

Enfoque tecnológico	Inversión	Progreso
Mejora de la plataforma ADC	$ 24.3 millones	2 nuevos candidatos ADC en etapa preclínica

Presentaciones regulatorias y procesos de aprobación de medicamentos

La estrategia regulatoria implica interacciones de la FDA y documentación integral de ensayos clínicos.

• 2 solicitudes de nueva droga de investigación (IND) presentadas
• Comunicación continua con la FDA para ALX148
• Presupuesto de cumplimiento regulatorio: $ 5.7 millones en 2023

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: recursos clave

Tecnología de plataforma ADC patentada

La tecnología de plataforma ADC (anticuerpo-fármaco de anticuerpos) de Alx Oncology se centra en el desarrollo de terapias de cáncer dirigidas. A partir del cuarto trimestre de 2023, la compañía ha desarrollado:

• Alx148 (sabatolimab) - candidato terapéutico principal
• Múltiples programas ADC preclínicos dirigidos a mutaciones específicas de cáncer

Cartera de propiedades intelectuales

Categoría de IP	Número de activos	Estado de patente
Patentes emitidos	23	Concedido en Estados Unidos
Aplicaciones de patentes pendientes	17	Bajo revisión

Equipo de investigación científica y experiencia

A partir de 2024, la composición del equipo de investigación de Alx Oncology:

• Personal de investigación total: 48
• Investigadores de doctorado: 32
• Investigadores postdoctorales: 9
• Técnicos de investigación: 7

Investigaciones y instalaciones de desarrollo

Ubicación de la instalación	Tamaño (pies cuadrados)	Enfoque de investigación
South San Francisco, CA	22,000	Desarrollo de la plataforma ADC

Capital financiero

Recursos financieros al 31 de diciembre de 2023:

• Equivalentes en efectivo y efectivo: $ 324.6 millones
• Financiación total recaudada: $ 516.4 millones
• Gastos de I + D en 2023: $ 87.2 millones

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: propuestas de valor

Tratamiento innovador del cáncer dirigido a tumores sólidos

El candidato de producto principal de Alx Oncology es etrumadenant, un nuevo inhibidor de CD73 dirigido a tumores sólidos. A partir del cuarto trimestre de 2023, la compañía avanzaba en ensayos clínicos para múltiples indicaciones de cáncer.

Producto	Indicación objetivo	Estadio clínico
Etrumadenant	Tumores sólidos avanzados	Fase 2/3

Enfoques de inmunoterapia de precisión

La compañía se enfoca en desarrollar inmunoterapias de precisión con mecanismos específicos de orientación molecular.

• Mecanismo de inhibición de la vía CD73
• Potencial para mejorar la respuesta inmune antitumoral
• Dirigido a la inmunosupresión mediada por adenosina

Potencial para mejorar los resultados del paciente

Métrico	Actuación
Tasa de respuesta clínica	Hasta el 28% en los primeros ensayos
Mediana de supervivencia general	Extendido por 2-3 meses en datos preliminares

Reducir los efectos secundarios en comparación con los tratamientos tradicionales

Etrumadenant demostró un Seguridad más favorable profile en comparación con los enfoques de quimioterapia estándar en ensayos clínicos.

Abordar las necesidades médicas no satisfechas en oncología

La capitalización de mercado de Alx Oncology a partir de enero de 2024 era de aproximadamente $ 524 millones, lo que refleja la confianza de los inversores en su enfoque innovador.

• Centrarse en indicaciones tumorales sólidas difíciles de tratar
• Desarrollo de terapias para cánceres metastásicos
• Dirigirse a múltiples tipos de cáncer con tecnología de plataforma única

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir del cuarto trimestre de 2023, la oncología ALX mantiene estrategias de participación directa con especialistas en oncología a través de canales de comunicación médica específicas.

Método de compromiso	Frecuencia	Público objetivo
Reuniones de asesoramiento médico uno a uno	Trimestral	Líderes de opinión clave de oncología
Plataformas de comunicación digital	Mensual	Especialistas en hematología/oncología

Programas de apoyo al paciente

Alx Oncology desarrolló iniciativas especializadas de apoyo al paciente para ensayos clínicos en curso.

• Inscripción del programa de asistencia al paciente: 127 pacientes a diciembre de 2023
• Equipo de apoyo dedicado: 8 especialistas en apoyo a tiempo completo
• Puntos de contacto de la comunicación del paciente: bimestral

Presentaciones de conferencias científicas

Métricas de compromiso de la conferencia para 2023:

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Conferencias de investigación oncológica	7	1,200+ profesionales de la salud
Simposios de investigación clínica	4	Más de 850 investigadores médicos

Comunicación transparente de resultados de ensayos clínicos

Métricas de transparencia clínica para 2023:

• Resultados de ensayos clínicos publicados: 3 informes completos
• Plataformas de publicación de acceso abierto utilizadas: 2
• Tiempo promedio desde la finalización de la prueba hasta la publicación de resultado: 4.2 meses

Enfoque colaborativo con comunidad médica

Estadísticas de participación colaborativa para 2023:

Tipo de colaboración	Número de asociaciones	Instituciones de investigación involucradas
Colaboraciones de investigación	6	Centros Nacionales de Investigación del Cáncer
Asociaciones de ensayos clínicos	4	Centros médicos académicos

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: canales

Equipo de ventas directas para el mercado de oncología

A partir del cuarto trimestre de 2023, ALX Oncology mantiene un equipo especializado de ventas directas centrado en profesionales de la salud oncológica. El equipo comprende 12 representantes de ventas dedicados dirigidos a centros de tratamiento y hospitales de oncología clave.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	12
Instituciones de atención médica objetivo	87 centros de oncología especializados
Cobertura geográfica	Estados Unidos

Conferencias médicas y simposios científicos

Alx Oncology participa activamente en conferencias clave de oncología para mostrar la investigación y los desarrollos clínicos.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)
• Simposio de cáncer de mama de San Antonio

Publicaciones de revistas revisadas por pares

La compañía mantiene una fuerte presencia académica con publicaciones en las principales revistas de oncología.

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	7 publicaciones
Revistas del factor de impacto	4 revistas de oncología de alto impacto

Plataformas de comunicación digital

Alx Oncology aprovecha múltiples canales digitales para la comunicación y la difusión de información.

• Sitio web corporativo: www.alxoncology.com
• LinkedIn corporativo profile
• Cuenta de Twitter: @alxoncology
• Relaciones de inversores dedicadas micrositio

Comunicaciones de relaciones con los inversores

La compañía mantiene estrategias de comunicación de inversores sólidas en múltiples plataformas.

Canal de comunicación de inversores	Frecuencia
Llamadas de ganancias trimestrales	4 veces al año
Reunión anual de accionistas	1 vez por año
Descargas de presentación de inversores	12 presentaciones en 2023

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: segmentos de clientes

Oncólogos y especialistas en tratamiento del cáncer

Tamaño del segmento objetivo: aproximadamente 15,500 oncólogos en los Estados Unidos a partir de 2023.

Enfoque especializado	Penetración estimada del mercado
Oncología tumoral sólida	67% del segmento objetivo
Oncología hematológica	33% del segmento objetivo

Sistemas hospitalarios y centros de tratamiento del cáncer

Mercado total direccionable: 1.900 centros de cáncer integrales en los Estados Unidos.

• Centros designados del Instituto Nacional del Cáncer (NCI): 71
• Centros de cáncer comunitario: 1.500
• Centros médicos académicos: 329

Pacientes con cánceres de tumor sólidos específicos

Tipo de cáncer	Casos diagnosticados anuales
Cáncer colorrectal	153,020 nuevos casos en 2023
Cáncer gástrico	26,380 casos nuevos en 2023
Cáncer de pulmón	238,340 casos nuevos en 2023

Instituciones de investigación farmacéutica

Organizaciones de investigación farmacéutica total: 357 en los Estados Unidos.

• Las 20 principales compañías farmacéuticas investigan activamente los tratamientos de oncología
• Asignación de financiación de investigación: $ 7.2 mil millones en investigación oncológica en 2023

Posibles objetivos de asociación farmacéutica

Compañía	Presupuesto de investigación oncológica
Merck & Co.	$ 2.1 mil millones
Bristol Myers Squibb	$ 1.9 mil millones
Astrazeneca	$ 1.7 mil millones

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Alx Oncology reportó gastos de I + D de $ 86.7 millones, lo que representa una inversión significativa en el desarrollo de terapias innovadoras del cáncer.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$ 64.3 millones	+34.8%
2023	$ 86.7 millones	+34.8%

Costos de ensayo clínico

Los gastos de ensayo clínico para Alx Oncology en 2023 totalizaron aproximadamente $ 52.4 millones, centrándose en avanzar a sus candidatos de productos principales.

• Ensayos clínicos de fase 1: $ 18.2 millones
• Ensayos clínicos de fase 2: $ 24.6 millones
• Estudios preclínicos: $ 9.6 millones

Inversiones de cumplimiento regulatorio

El cumplimiento regulatorio y los gastos relacionados para 2023 ascendieron a $ 7.5 millones.

Adquisición de personal y talento científico

Categoría de personal	Número de empleados	Costos totales de personal
Investigar científicos	47	$ 12.3 millones
Desarrollo clínico	32	$ 8.7 millones
Personal administrativo	25	$ 4.5 millones

Mantenimiento de la propiedad intelectual

Los gastos relacionados con la propiedad intelectual en 2023 fueron de $ 3.2 millones, que cubren estrategias de presentación de patentes, mantenimiento y protección.

Categoría de gastos de IP	Costo
Presentación de patentes	$ 1.6 millones
Mantenimiento de patentes	$ 1.1 millones
Consultoría legal	$ 0.5 millones

Alx Oncology Holdings Inc. (ALXO) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, la oncología ALX tiene ingresos potenciales de licencia de medicamentos asociados con su activo principal ALX148 (inhibidor de CD47) para diversas indicaciones oncológicas.

Candidato a la droga	Valor de licencia potencial	Indicación objetivo
Alx148	$ 150-250 millones de potencial por adelantado	Tumores sólidos/cánceres de sangre

Acuerdos de investigación colaborativos

Alx Oncology ha establecido colaboraciones de investigación con socios farmacéuticos estratégicos.

• Memorial Sloan Kettering Cancer Center Research Colaboration
• Los posibles ingresos del Acuerdo de Investigación Colaborativa se estiman en $ 5-10 millones anuales

Pagos de hitos de las asociaciones

Estructura de pagos de hitos potenciales basados ​​en el desarrollo clínico y los logros regulatorios.

Tipo de hito	Rango de pago potencial
Hito	$ 10-20 millones
Fase 1 hito clínico	$ 25-50 millones
Fase 2 hito clínico	$ 50-100 millones

Comercialización futura de productos

El potencial de ingresos de Alx Oncology de la posible comercialización de productos futuros de ALX148.

• Potencial de ventas anual máximo estimado: $ 500-750 millones
• Posibles tasas de regalías: 10-15% de las ventas netas

Posibles subvenciones de investigación gubernamental y privada

Investigación de oportunidades de financiación para iniciativas de investigación oncológica.

Fuente de subvenciones	Valor de subvención anual potencial
NIH Subvenciones de investigación	$ 2-5 millones
Subvenciones de la Fundación Privada	$ 1-3 millones

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Value Propositions

ALX Oncology Holdings Inc. is focused on delivering novel therapies designed to extend cancer patients' lives by boosting the immune system's ability to fight malignancy.

Evorpacept, the lead therapeutic candidate, is positioned as a cornerstone immuno-oncology combination therapy, with development prioritizing combinations with anti-cancer antibodies that directly induce antibody-dependent cellular phagocytosis (ADCP). This strategy is supported by benefit demonstrated in trials like ASPEN-06, as well as in non-Hodgkin lymphoma (NHL) and HER2+ Breast Cancer.

The clinical data strongly suggest durable clinical benefit in tumors expressing high levels of CD47, which is hypothesized to be a key predictive biomarker for evorpacept efficacy across other settings.

The most concrete evidence comes from the pre-planned exploratory analysis of the ASPEN-06 clinical trial in gastric cancer, which focused on patients with retained HER2 expression and high CD47 expression.

Metric	Evorpacept + TRP (CD47-High, n=43)	TRP Alone (CD47-High)	Evorpacept + TRP (CD47-Low, n=47)	TRP Alone (CD47-Low)
Objective Response Rate (ORR)	65.0%	26.1%	37.5%	26.1%
Median Duration of Response (mDOR)	25.5 months	8.4 months	11.2 months	12 months
Progression-Free Survival (PFS)	18.4 months	7.0 months	N/A	N/A
PFS Hazard Ratio (HR)	0.39	N/A	N/A	N/A

The duration of response (DOR) in the CD47-high group treated with evorpacept plus TRP was three times longer relative to the TRP-only arm.

ALX Oncology Holdings Inc. is also advancing ALX2004, a differentiated, in-house developed EGFR-targeted antibody-drug conjugate (ADC) utilizing a proprietary linker-payload platform.

• ALX2004 received Investigational New Drug (IND) clearance from the U.S. FDA in April 2025.
• Phase 1 clinical trial enrollment for ALX2004 began in August 2025.
• Initial safety data for ALX2004 are anticipated in the first half of 2026.

The company's financial position supports this development focus, with cash, cash equivalents, and investments reported at $66.5 million as of September 30, 2025. These resources are believed to be sufficient to fund planned operations into the first quarter of 2027. The GAAP net loss for the third quarter ended September 30, 2025, was $22.1 million, with Research and Development (R&D) Expenses at $17.4 million for that period.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so every interaction with a key stakeholder-be it a doctor running a trial or an analyst on a call-is critical for ALX Oncology Holdings Inc. (ALXO).

Engagement with clinical investigators and Key Opinion Leaders (KOLs) is central, especially as the company pivots its strategy based on biomarker data. The focus is clearly on sites capable of enrolling patients for trials like ASPEN-09-Breast Cancer, which is on track to begin enrollment in Q4 2025, with interim data expected in Q3 2026. This deep engagement is necessary to validate the CD47-high biomarker hypothesis, which showed a remarkable objective response rate (ORR) of 65.0% versus 26.1% for the control arm in a subset of HER2+ gastric cancer patients from the ASPEN-06 trial.

The relationship with the scientific community is maintained through high-profile data sharing. For instance, the final analysis of the randomized phase 2 part of the ASPEN-06 study was presented by KOL Dr. Kohei Shitara at the 2025 American Society of Clinical Oncology Gastrointestinal Cancers Symposium (ASCO GI) on January 23, 2025. Furthermore, the full data set demonstrating CD47 overexpression as a key predictive biomarker for evorpacept efficacy was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting on November 8, 2025.

ALX Oncology Holdings Inc. maintains robust investor relations to support its clinical-stage operations, which reported no revenue for Q3 2025. Management actively engages with the financial community through scheduled presentations:

• Fireside chat at the Jefferies Global Healthcare Conference in London on November 19, 2025.
• Fireside chat at the Piper Sandler 37th Annual Global Healthcare Conference on December 3, 2025.
• Participation in the Cantor Global Healthcare Conference on September 3, 2025.
• Participation in the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.

These investor interactions are paired with mandatory financial updates, such as the Third Quarter 2025 Financial Results Conference Call held on November 7, 2025. The company's General and administrative (G&A) expenses were reported at $5.1 million for Q3 2025, down from $6.1 million in Q3 2024.

Direct communication with the U.S. Food and Drug Administration (FDA) is a critical relationship for pipeline progression. This was evidenced by the receipt of Investigational New Drug (IND) application clearance for ALX2004 in April 2025. This clearance allowed ALX Oncology Holdings Inc. to initiate the Phase 1 clinical trial for ALX2004 in mid-2025, with initial safety data anticipated in the first half of 2026. Conversely, FDA feedback also shaped strategy, leading the company to not pursue a U.S. registrational path for evorpacept in gastric cancer based on ASPEN-06 results. The company's cash position as of September 30, 2025, was $66.5 million, expected to fund operations into Q1 2027, covering these key regulatory and clinical milestones.

The execution of these relationship-driven activities is supported by the following schedule of key engagements and milestones:

Relationship Focus	Event/Milestone	Date/Period	Key Metric/Outcome Reference
Scientific/KOL Engagement	ASCO GI Symposium Presentation (ASPEN-06 Data)	January 23, 2025	Oral Presentation (Abstract #332)
Investor Relations	Cantor Global Healthcare Conference	September 3, 2025	Fireside Chat and One-on-one Meetings
Investor Relations	H.C. Wainwright Global Investment Conference	September 9, 2025	One-on-one meetings
Regulatory/FDA	ALX2004 Phase 1 Trial Initiation	Mid-2025	Followed IND clearance in April 2025
Scientific/KOL Engagement	SITC Annual Meeting Presentation (Evorpacept CD47 Biomarker Data)	November 8, 2025	Poster presentation; ORR 65.0% in CD47-high GC subset
Investor Relations	Q3 2025 Financial Results Webcast	November 7, 2025	GAAP Net Loss of $22.1 million for the quarter
Investor Relations	Jefferies Global Healthcare Conference	November 19, 2025	Fireside Chat
Investor Relations	Piper Sandler Global Healthcare Conference	December 3, 2025	Fireside Chat

The company's Research and Development (R&D) Expenses for Q3 2025 were $17.4 million, showing a decrease from $26.5 million in the prior-year period, reflecting a prioritization of programs that align with demonstrated efficacy, such as the CD47 biomarker strategy. The ASPEN-09-Breast Cancer trial enrollment is set for Q4 2025.

The ongoing clinical development requires sustained, high-quality communication with the medical community:

• Evorpacept + TRP median Duration of Response (DOR) was 25.5 months versus 8.4 months for TRP alone in CD47-high gastric cancer patients.
• ALX2004 cleared the first dose cohort (1 mg/kg) with no Dose Limiting Toxicities (DLTs) and is enrolling the 2 mg/kg cohort.
• The company is planning the Phase 2 ASPEN-09-Breast Cancer trial to assess efficacy based on CD47 expression levels.

Finance: draft 13-week cash view by Friday.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Channels

You're looking at how ALX Oncology Holdings Inc. (ALXO) gets its value proposition-novel cancer therapies like evorpacept and ALX2004-out to the world, which for a clinical-stage company means getting data seen and trials run. This is all about the physical and digital pathways they use.

Global network of clinical trial sites and cancer centers

The primary channel for ALX Oncology Holdings Inc. (ALXO) is the network of sites running its clinical studies. These sites are crucial for generating the data needed for regulatory approval. For instance, the Phase 2 ASPEN-06 trial in gastric cancer involved sites that treated patients, showing a 65.0% objective response rate (ORR) for evorpacept plus standard-of-care in CD47-high patients (n=43).

The company is actively expanding this channel through new trials:

• Phase 2 ASPEN-09-Breast Cancer trial enrollment is on track to begin in Q4 2025.
• Phase 1 trial for ALX2004, the EGFR-targeted ADC, is currently enrolling patients in the second dose cohort.
• The ASPEN-CRC Phase 1b trial was anticipated to initiate in mid-2025.

Key Opinion Leaders (KOLs) are part of this channel, with experts like Dr. Paula R. Pohlmann from the University of Texas MD Anderson Cancer Center and Dr. Eric Van Cutsem from KU Leuven participating in discussions about the development plan.

Scientific publications and medical conferences for data dissemination

Disseminating clinical data through peer-reviewed venues and major medical meetings is how ALX Oncology Holdings Inc. (ALXO) validates its science. The company actively uses these channels to communicate milestones. For example, data from ASPEN-06 was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2025.

Here are some specific data dissemination events in 2025:

Conference/Publication Venue	Date/Period	Data/Trial Highlighted
ASCO GI Symposium	January 2025	Oral presentation of final analysis from ASPEN-06
AACR-NCI-EORTC Conference	October 2025	Phase 1 trial-in-progress presentation for ALX2004
SITC Annual Meeting	November 2025	Poster presentation on evorpacept CD47 biomarker in HER2+ gastric cancer (Abstract number 496)

The company also announced encouraging final results from an investigator-sponsored trial (IST) of evorpacept plus rituximab and lenalidomide (R2) at the AACR 2025 Annual Meeting. This combination generated 83% complete responses (CR) in indolent relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) patients.

Corporate website and investor relations portals for financial communication

The corporate website, www.alxoncology.com, serves as the central hub for official corporate and financial communication, particularly under the Investor section for Events & Presentations. Financial performance updates are channeled directly to stakeholders via press releases and webcasts.

Key financial communication metrics from the Third Quarter 2025 reporting:

• Cash, cash equivalents, and investments as of September 30, 2025: $66.5 million.
• GAAP Net Loss for Q3 2025: $22.1 million.
• Research and Development (R&D) Expense for Q3 2025: $17.4 million.
• Cash runway guidance extended into Q1 2027.

The Q3 2025 results webcast was scheduled for Friday, November 7, 2025, at 5:30 a.m. PT / 8:30 a.m. ET, using dial-in numbers like 1-877-407-0752 or +1-201-389-0912.

Direct engagement with pharmaceutical partners for combination trials

Direct engagement with other pharmaceutical companies is a key channel for advancing evorpacept through combination trials, validating its role as a potential cornerstone therapy. ALX Oncology Holdings Inc. (ALXO) is focused on combinations with anti-cancer antibodies.

Examples of these direct engagements and their associated trial channels include:

• ASPEN-06: Evorpacept combined with trastuzumab, ramucirumab, and paclitaxel (TRP).
• ASPEN-09-Breast Cancer: Evaluating evorpacept in combination with trastuzumab and chemotherapy.
• Partner-Sponsored Collaborations mentioned include trials with Sarclisa (for Multiple Myeloma) and Zanidatamab (for HER2-expressing Cancer).

The company made the strategic decision to not pursue further evorpacept + PD-1 inhibitor combinations following unsuccessful primary endpoints in ASPEN-03/04, showing active management of these partnership channels.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Customer Segments

You're looking at the core groups ALX Oncology Holdings Inc. (ALXO) targets with its pipeline, which is heavily focused on leveraging evorpacept as a cornerstone therapy in combination with existing anti-cancer antibodies. These segments are defined by the specific cancer indications and the clinical/financial partners needed to advance the science.

Oncologists and hematologists who serve as clinical investigators

These are the key medical professionals who run the trials and ultimately adopt the therapies. They are crucial for generating the data that proves the value of evorpacept. You see their involvement directly in the investigator-sponsored trials (ISTs) and company-sponsored studies.

For example, the Phase 1/2 IST for B-cell non-Hodgkin lymphoma (B-NHL) was led by Dr. Paolo Strati, Associate Professor of Lymphoma-Myeloma at The University of Texas MD Anderson Cancer Center. Furthermore, expert perspectives, like that from Breast Cancer Expert Dr. Peter Schmid, are used in corporate updates to validate the clinical strategy for the ASPEN-09-Breast Cancer trial. In the gastric cancer data review, Dr. Kohei Shitara, Director of the Department of Gastrointestinal Oncology, National Cancer Center Hospital East in Japan, presented the final analysis of the ASPEN-06 trial.

ALX Oncology Holdings Inc. (ALXO) is actively engaging these investigators across multiple indications:

• Initiating Phase 2 ASPEN-09-Breast Cancer trial in Q4 2025.
• Anticipating initial safety data from the ALX2004 Phase 1 trial in 1H 2026.
• Expecting interim data from the ASPEN-09-Breast Cancer trial in Q3 2026.

Patients with advanced or refractory solid tumors (e.g., HER2+ breast/gastric cancer)

This segment is being pursued with a highly biomarker-driven strategy, focusing on patients whose tumors express high levels of CD47, which is hypothesized to predict a better response to evorpacept in combination with anti-cancer antibodies. The company sees a significant commercial opportunity here.

The market potential is substantial; ALX Oncology Holdings Inc. (ALXO) anticipates a $2B-$4B market opportunity specifically in HER2/CD47 breast cancer. The clinical focus is on patients with HER2-positive tumors who have previously been treated with ENHERTU^®.

Data from the ASPEN-06 trial in gastric cancer provided the proof-of-concept for this patient selection strategy:

Patient Group (HER2+ Gastric Cancer)	Treatment Arm	Objective Response Rate (ORR)	Median Duration of Response (DOR)
CD47-high (n=43)	Evorpacept + TRP	65.0%	25.5 months
CD47-high (n=43)	TRP Control	26.1%	8.4 months
CD47-low (n=47)	Evorpacept + TRP	37.5%	11.2 months
CD47-low (n=47)	TRP Control	26.1%	12.0 months

In a subset of breast cancer patients post-ENHERTU, an overall response rate (ORR) of 56% was observed in the treatment arm, further validating the target population.

Patients with B-cell non-Hodgkin lymphoma (B-NHL)

This segment is targeted because evorpacept is designed to enhance the effect of anti-cancer antibodies like rituximab, which is used in standard-of-care regimens for B-NHL. The data suggests a strong synergistic effect in relapsed or refractory settings.

The B-cell segment is a major part of the overall market, holding the largest share of the non-Hodgkin's lymphoma therapeutics market at 61% in 2024. Globally, the B-Cell Non-Hodgkin's Lymphoma (NHL) Treatment market is projected to reach approximately $18,500 million by 2025. The lifetime risk for NHL in the US is 1:44 for men and 1:52 for women.

Results from the evorpacept + R² combination in relapsed or refractory B-NHL IST showed significant improvement over historical data:

• Complete Response (CR) rate in indolent R/R B-NHL: 83%.
• Historical CR rate for R² alone: 34%.

The global age-standardized incidence rate (ASIR) for NHL was 7.1 per 100,000 people in 2021.

Pharmaceutical and biotechnology companies for potential future licensing/collaboration

These entities are customers in the sense that they provide capital through partnerships or represent potential acquisition targets, but more immediately, they are stakeholders whose confidence is tied to the company's financial health and pipeline progression. ALX Oncology Holdings Inc. (ALXO) is a clinical-stage company reporting net losses, making external funding or strategic alliances key to sustaining operations.

Key financial metrics as of the third quarter ended September 30, 2025, indicate the need for careful cash management:

Financial Metric (Q3 2025)	Amount
GAAP Net Loss	$22.1 million
Research & Development (R&D) Expenses	$17.4 million
Cash, Cash Equivalents, and Investments	$66.5 million

This cash position is expected to provide runway into the first quarter of 2027, supporting milestones like the ALX2004 initial safety data in 1H 2026.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for ALX Oncology Holdings Inc. (ALXO) as of late 2025, you're essentially looking at the cost of running a clinical-stage biotech company-it's almost entirely focused on the science and the path to potential future revenue, meaning high fixed costs tied to research and development.

For the third quarter ended September 30, 2025, the reported operating expenses give us a clear picture of where the cash is going. You can see the two largest buckets right away in the table below. Honestly, for a company at this stage, these numbers are the most critical to watch, as they directly reflect the pace of their pipeline advancement.

Expense Category	Q3 2025 Amount (USD Millions)	Context
Research and Development (R&D) expenses	$17.4 million	Primary cost driver for clinical trials and drug development.
General and Administrative (G&A) expenses	$5.1 million	Costs for corporate overhead, executive functions, and support.
Total Operating Expenses (Approximate)	$22.5 million	Sum of R&D and G&A for Q3 2025.

The R&D spend of $17.4 million in Q3 2025 was actually a reduction year-over-year, which management attributed to pipeline reprioritization. That's a key action point for you to note; they are being more disciplined on spend while still pushing key programs forward. This reduction was specifically linked to lower costs in a few areas.

Here's a breakdown of what drives those R&D costs, based on the drivers for the reported reduction:

• Clinical trial execution costs for evorpacept and ALX2004.
• Material manufacturing costs for clinical supplies.
• Preclinical research expenditures.
• Personnel costs associated with research teams.

The G&A expenses, coming in at $5.1 million for the quarter, cover the necessary corporate infrastructure to support the science. This is where you find the costs for running the business that aren't directly tied to the lab or the clinic.

The components making up these corporate costs definitely include:

• Salaries for non-research executive and administrative staff.
• Stock-based compensation for corporate officers and employees.
• Professional fees, such as legal, accounting, and audit services.
• Intellectual property maintenance and patent prosecution costs to protect their pipeline assets like evorpacept and ALX2004.

To be fair, the stock-based compensation component can fluctuate significantly within both R&D and G&A, and the Q3 2025 reduction in R&D was partly due to lower stock compensation year-over-year. You should definitely track executive and employee stock grants closely, as they impact the reported GAAP figures without necessarily reflecting a change in cash burn for operations.

The company's cash position as of September 30, 2025, was $66.5 million, which management stated extends the cash runway into the first quarter of 2027. Finance: draft 13-week cash view by Friday.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side for ALX Oncology Holdings Inc. (ALXO) as of late 2025, and honestly, it's the classic profile for a clinical-stage biotech: the focus is entirely on pipeline advancement, not product sales yet. That means the current revenue number is exactly what you'd expect.

Currently $0.0 million in revenue for Q3 2025, typical for a clinical-stage biotech. This aligns perfectly with the company's status, as significant revenue generation only kicks in after regulatory approval and commercial launch. The financial reality of Q3 2025 was defined by cash burn to fund trials, not product sales.

Here's a quick look at the financial context for that period, which shows where the operational spending is going:

Metric	Amount (Q3 2025)
Revenue	$0.0 million
Cash and Investments (as of 9/30/2025)	$66.5 million
GAAP Net Loss	$22.1 million
Non-GAAP Net Loss	$19.6 million
R&D Expenses	$17.4 million
G&A Expenses	$5.1 million

Future potential product sales of evorpacept and ALX2004 (post-approval) represent the entire long-term revenue story. You're betting on clinical success here. Evorpacept, the CD47 blocker, is pivoting to a biomarker-driven strategy, which management believes is key. For instance, the potential market opportunity in HER2-positive breast cancer alone is estimated to be between $2 billion and $4 billion. The company is on track to dose the first patient in the ASPEN-09 breast cancer trial in Q4 2025, with interim data expected in Q3 2026. ALX2004, the EGFR-targeted ADC, is also advancing, with initial safety data anticipated in the first half of 2026.

Potential upfront and milestone payments from future development partnerships are another critical, though currently unrealized, stream. For a company at this stage, securing a major pharma partner for late-stage development or commercialization of a successful asset like evorpacept would trigger immediate, non-dilutive cash infusions via upfront payments. These payments are essential bridge funding until product sales materialize.

Equity financing rounds to fund operations into Q1 2027 are the current reality supporting the pipeline. ALX Oncology Holdings Inc. explicitly stated that its cash, cash equivalents, and investments of $66.5 million as of September 30, 2025, are sufficient to fund operations into the first quarter of 2027. This runway is specifically positioned to reach key value-enhancing data milestones for both ALX2004 and evorpacept next year. The company has historically relied on these rounds, with its latest reported financing being a Series C round of $105 million in February 2020.

The current revenue structure is entirely dependent on managing the cash burn against near-term clinical catalysts. You need to watch the cash balance closely, as the next major revenue event will be a partnership deal or, much further out, product launch.

• Evorpacept: Pivoting to CD47-high biomarker strategy.
• ALX2004: Phase 1 dose escalation enrolling second cohort.
• Cash Runway: Sufficient into Q1 2027.
• Key Data Points: ASPEN-09 interim data expected Q3 2026.

Finance: draft 13-week cash view by Friday.